The Ventricles are quivering/fibrillating and NOT contracting at all. This occurs after 5-6 minutes of Coarse Ventricular Fibrillation if no interventions were initiated. Asystole will shortly follow if no further interventions are done. Do not defibrillate this rhythm until cardiac cells are perfused (by CPR for 2 or more minutes). Follow ACLS 2005 Guidelines VF algorithm.